Asian stock markets follow Wall Street higher

FILE- This Oct. 25, 2016, file photo shows the New York Stock Exchange at sunset in lower Manhattan. On Monday, Aug. 6, 2018, stocks are opening slightly lower on Wall Street as the market gives back some of its gains from the week before.Mary Altaffer / AP

WALL STREET: U.S. stocks finished broadly higher for a third day on gains for media, retail and technology companies. Warren Buffett’s Berkshire Hathaway led gains for the financial sector. Investors focused on quarterly results instead of escalating U.S. and Chinese trade threats. Company profits have rocketed higher this year thanks to the corporate tax cut and economic growth. The Dow Jones industrial average gained 0.2 per cent to 25,502.18 while the Standard & Poor’s 500 added 0.4 per cent to 2,850.40. The Nasdaq picked up 0.6 per cent to 7,859.68.

ANALYST’S TAKE: “Highly impressive US corporate earnings, it seems, are inspiring the bulls at present and with no one prepared to act aggressively on the macro news flow, micro factors are supporting. But for how much longer?” Chris Weston of Pepperstone Group said in a commentary. But he pointed to some wider concerns that could cause volatility. “The most prominent of these is the trade dispute between the US and China, and this will become a more pressing market issue in the next two months in my opinion,” he said.

IRAN NUCLEAR: The Trump administration reimposed U.S. economic sanctions on Iran despite opposition by European allies who want to preserve an agreement to limit Iranian nuclear activity. President Donald Trump complained the 2015 deal left Tehran flush with cash to fuel conflict in the Middle East. European allies said they “deeply regret” the U.S. action.

ENERGY: Benchmark U.S. crude added 11 cents to $69.12 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 52 cents on Monday to $69.01. Brent crude, used to price international oils, gained 28 cents to $73.03 per barrel in London. It advanced 54 cents the previous session to $73.75.

CURRENCY: The dollar declined to 111.34 yen from Monday’s 111.40 yen. The euro gained to $1.1556 from $1.1554.